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XRP Bucks Bitcoin-Led Slide in Majors as SEC Case Tilts in Ripple’s Favor
Ripple has historically maintained a distance from XRP, the token that powers some of its products and the XRP Ledger network.
Updated May 24, 2023, 12:31 p.m. Published May 19, 2023, 8:35 a.m.
The XRP token rose as much as 5% in the past 24 hours after reports that the U.S. Securities and Exchange's (SEC) landmark case against Ripple was tilting in favor of the blockchain firm.
At the time of writing, XRP was trading over 2% higher at 46 cents posting gains for the second straight day. While, bitcoin and ether fell 1%, leading a nominal slide in the broader crypto market.
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The XRP token has added nearly 10% value in the past week, becoming the top gainer among major tokens.
In 2020,, the SEC sued Ripple on allegations that the firm sold unregistered securities. Ripple has historically maintained a distance from XRP, the token that powers some of its products and the XRP Ledger network. But any progress in the case clearly has an impact on XRP prices.
Earlier this week, a federal judge ruled that the SEC cannot seal documents tied to former official William Hinman's 2018 speech on crypto and securities to Ripple, stating that they were “relevant to the judicial process.”
District Judge Analisa Torres, of the U.S. District Court for the Southern District of New York, ruled that the documents tied to that speech, in which the former SEC Director of Corporation Finance stated that in his view, ether was not a security, cannot be sealed in a court order.
Access to these documents would mean Ripple lawyers can learn how Hinman came to that conclusion, which could impact XRP’s own classification as a security. This is considered bullish for XRP tokens by some traders as they price Ripple’s victory in the court case.
Read more: SEC Can't Seal Docs Tied to Hinman's Ether Speech, Judge in Ripple Suit Rules
“We’re seeing the XRP price jump by double digits and rally above its long-held resistance levels, as rumors filter through that Ripple and the SEC have possibly agreed to a settlement,” Henry Liu, CEO of crypto trading platform BTSE, wrote in a Telegram message to CoinDesk.
“Others are speculating that Ripple could even emerge victorious from the court battle, regardless of which faction is correct, the presumed resolution of the case in Ripple’s favor is driving this positive momentum," Liu added.
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